India’s Tata Steel Limited will merge its subsidiary Indian Steel and Wire Products Limited (ISWPL) with itself, company sources said on Monday, December 25.
Tata Steel Limited has convened a meeting of shareholders on January 25, 2024, to seek approval of the merger, the sources said.
ISWPL is engaged in manufacturing of wire rods, rebars, steel wires and wire products as an external processing agent Tata Steel and direct marketing of welding products, nails, rolls and castings.
The amalgamation will consolidate the business of transferor company and the transferee company which will result in focused growth, operational efficiencies, and enhance business synergies, company officials said.
The merger will also ensure creation of a combined entity, hosting value-added long products under the transferee company, leading to 'One-Tata Steel' which will improve shareholder value of the merged entity, they added.